44.01 - Series A

Terms

Announced

15 Jul 2024

Instrument

Equity

Amount

US$37.0m

Source

4401.earth

Parties

Project developer

44.01

Recipient type

Technology company

Country

Oman

Capital providers

Capital providers and the amount counted for each

Party	Role	Amount	Basis
Equinor Ventures	Investor	US$3.08m	Estimated: an even share, 1 of 12
Shorooq Partners	Investor	US$3.08m	Estimated: an even share, 1 of 12
Air Liquide Venture Capital (ALIAD)	Investor	US$3.08m	Estimated: an even share, 1 of 12
Alumni Ventures	Investor	US$3.08m	Estimated: an even share, 1 of 12
Amazon Climate Pledge Fund	Investor	US$3.08m	Estimated: an even share, 1 of 12
Climate Investment	Investor	US$3.08m	Estimated: an even share, 1 of 12
Innovation Development Oman	Investor	US$3.08m	Estimated: an even share, 1 of 12
Planet A Ventures	Investor	US$3.08m	Estimated: an even share, 1 of 12
Salica Oryx Fund	Investor	US$3.08m	Estimated: an even share, 1 of 12
Siemens Financial Services	Investor	US$3.08m	Estimated: an even share, 1 of 12
Sumitomo Corporation	Investor	US$3.08m	Estimated: an even share, 1 of 12
Breakthrough Energy Ventures	Investor	US$3.08m	Estimated: an even share, 1 of 12

Carbon

Pathway

Mineralisation

What happened

Equinor Ventures led, Shorooq Partners co-led. Breakthrough Energy Ventures recommitted as an existing investor. The release also refers to several other investors who are not named; Future Planet Capital states separately that it participated from its Blue Ocean Fund and is therefore inside that unnamed group, so it is not given a participation row.

Kumo note

A Series A co-led by an oil major’s venture arm and a Gulf fund, with Oman’s state investment vehicle alongside. The CO2 supply side, the equipment side and the trading side all took equity, so the cap table reads as a deployment channel as much as a financing.

Next step